Temperance, MI asked in Estate Planning for Michigan

Q: My husband owns three LLC's, no end of life docs. If he dies, do those businesses transfer to me, or include his sons?

He is sole owner and one of LLCs is 3-4 million gross/year. Me and one son are employees of that LLC.

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1 Lawyer Answer
Edward Gudeman
Edward Gudeman
  • Estate Planning Lawyer
  • Royal Oak, MI
  • Licensed in Michigan

A: The LLC membership interests will be part of your husband's intestate probate estate. Consequently, state law will determine the ultimate beneficiaries.

Both of you should endeavor to get operating agreements done for the LLCs and you should both get wills and, at least, a revocable trust. The LLC interests can be assigned to the trust and the trust can provide for the distribution of the membership interests.

The circumstances that you describe call for the drafting and implementation of a succession plan for the operation of the businesses as well.

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